NEW DELHI: The government will give promoters of insolvent companies more time to repay their dues and participate in the resolution process of bankrupt companies in the Bill that will replace the ordinance that was promulgated last month to amend the Insolvency and Bankruptcy Code (IBC), ET has learnt. The changes proposed in the Bill…
Banks will be pressed to take stakes in family homes next year in swaps for mortgage debt as part of a push to resolve some of the most distressed personal insolvency cases. The first cases involving the use of so-called debt-for-equity swaps are expected to be decided by the courts in 2018 as the little-known…
Ms Markle joined the Queen and the rest of the Royal family at Sandringham on Christmas Day, and was seen walking arm-in-arm with the Prince to the service at St Mary Magdalene Church. Prince Harry said that the family “loved having her there”, adding that they had “great fun” staying with the Duke and Duchess…
More than 8,600 employers nationwide spent part of November and December looking for a new workers compensation insurer. The need for replacement coverage came after the Florida Department of Financial Services declared insolvent and subsequently took over Fort Lauderdale, Florida-based Guarantee Insurance Co. An article about the proceedings was the ninth most read Workers Compensation…
MUMBAI: The insolvency professional supervising the Alok Industries bankruptcy process has called for fresh bids to resolve the Rs 29,000-crore default in the hope of attracting more bidders for the textile company, said two people with knowledge of the matter. “Alok was the only company among the 12 listed by Reserve Bank of India (RBI)…
The proposals include relaxing the requirement of a minimum 25% public shareholding and the stringent procedures to de-list a stressed company, if that is part of the resolution plan. (Reuters) The Securities and Exchange Board of India (Sebi) will consider a raft of proposals to ease various compliance procedures for listed insolvent companiesespecially with regard…
The tune of Jingle Bells is probably still stuck in your mind in the days after Christmas. But around this time a decade ago it was “jingle mail” that was starting to get attention in the US. Jingle mail is the term for home owners who simply hand the keys to their house back over…
The tune of Jingle Bells is probably still stuck in your mind in the days after Christmas. But around this time a decade ago it was “jingle mail” that was starting to get attention in the US. Jingle mail is the term for home owners who simply hand the keys to their house back…
December 26, 2017: The year 2017 was a watershed year for the Insolvency and Bankruptcy Code (IBC) which was notified in late 2016. The first insolvency petition was filed by ICICI Bank in December 2016. It was foreseeable that this laudable and long-overdue legislation, would undergo its share of trial by fire throughout 2017. In…
MUMBAI — Reliance Communications Chairman Anil Ambanion presented a revised debt resolution plan on Wednesday aimed at reducing the company’s liabilities from 450 billion rupees ($7 billion) to 60 billion rupees by March 2018 by withdrawing the company from the consumer wireless business and unloading assets, including real estate. Close Anil Amban, chairman of Reliance Communications,…